SINGAPORE – 19 May 2021 – As Singapore continues to roll out its COVID-19 vaccination programme in its steady efforts to contain the virus with hopes of gradual return to normalcy, Etiqa Insurance Pte. Ltd. (“Etiqa Insurance Singapore”) extends its Financial Assistance Benefit for side effects of COVID-19 vaccine to all existing and new individual customers of Maybank Singapore. Application is not required and coverage is free of charge.
Maybank Singapore Limited’s consumer banking customers will receive a Hospitalisation Benefit of up to S$1,000 over a maximum of 10 days, and an Intensive Care Unit Benefit of up to S$1,000 over a maximum of 5 days if they experience any COVID-19 vaccination side effects.
The existing COVID-19 Financial Assistance Benefit and vaccination side effects coverage currently protect Etiqa’s eligible customers1 against the virus and any unexpected effects from vaccinations of any COVID-19 vaccine which is approved for use in Singapore by the Health Sciences Authority (HSA) and administered in Singapore.
The complimentary coverage is now extended to Maybank customers with an individual account in Singapore. New customers are defined as those who are holding account(s) with Maybank Singapore Limited for at least three months.
Mr Raymond Ong, Chief Executive Officer of Etiqa Insurance Singapore said, “The health and well-being of our people and customers remain a priority for us. To support the progressive reopening of Singapore and everyone to vaccinate with confidence, we hope that this added layer of protection provides assurance and greater peace of mind for customers of both Etiqa and Maybank Singapore while they take active steps to protect themselves and their loved ones.”
Dr John Lee, Country CEO and CEO of Maybank Singapore adds, “We stand in solidarity with our customers and support the vaccination programme rolled out by the Singapore Government. The impact of Covid-19 pandemic is long lasting and we strive to protect the well-being of our customers by providing them with Etiqa’s complimentary Financial Assistance Benefit. This move is one of the ways we humanise financial services to care for our customers. Since last year, we have also provided deferred loan repayment scheme to help ease customers’ financial burden.”
1 The COVID-19 Financial Assistance Benefit is eligible to all existing and new Insured Person(s) of life protection and insurance savings plans underwritten by Etiqa Insurance Pte. Ltd.. For full terms and conditions, please visit www.etiqa.com.sg/financial-assistance-benefit-life.
The Financial Assistance Benefit for side effects of COVID-19 Vaccine is eligible to all existing and new individual customers of Maybank Singapore Limited, all existing and new Life assured of life protection and insurance savings plans and all existing and new Insured of selected personal lines insurance policies underwritten by Etiqa Insurance Pte. Ltd. For full terms and conditions, please visit www.etiqa.com.sg/covid19-updates/vaccine-benefits/.
Terms and conditions apply. Protected up to specified limits by SDIC. Etiqa Singapore reserves the discretion to make amendments to the benefits and its validity at any time.
About Maybank Singapore
Maybank is among Asia’s leading banking groups and South East Asia’s fourth largest bank by assets. Maybank Group has an international network of more than 2,600 retail branches in 18 countries including all 10 ASEAN countries, with over 42,000 employees serving customers worldwide. Maybank Singapore is one of the Group’s largest overseas operations and a Qualifying Full Bank in Singapore. As at 31 December 2020, the bank’s net asset size in Singapore was approximately S$81.5 billion. With strategically located banking branches and over 2,000 employees in Singapore, Maybank is well-positioned to provide highly personalised services and locally-oriented solutions that will deliver more value to customers.
About Etiqa Insurance Pte. Ltd. (Etiqa Singapore)
Protecting customers since 1961, Etiqa Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act.
The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and takaful business in ASEAN offering life and general insurance as well as family and general takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa is rated ‘A’ by credit ratings agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalisation.
Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.
